THE Duke of Westminster heads the Sunday Times Rich List 2001 after shrewd property investments propelled him into pole position from last year's second place.

Gerald Cavendish Grosvenor, 49, whose home is at Eaton Hall in Eccleston, near Chester, has assets estimated at #4,400m, according to the annual guide to the richest 1,000 people in Britain and Ireland.

Rich List author Philip Beresford says most of his wealth is founded on 300 prime acres in central London.

He writes: 'None come with more solid assets than Gerald Grosvenor 6th Duke of Westminster. For the first time, he moves up to head the list with a fortune that now stands at #4.4bn.

'Even with markets tumbling, his central London holdings look as safe as the Bank of England and demand for property in the area shows no signs of abating.'

Mr Beresford writes that the predominance of dot com millionaires in the 2000 list has subsided and instead it is 'old money' ­ people like the Duke with interests in real assets like property ­ who have seen a resurgence.

The Rich List explains that outside London, His Grace owns extensive land around his Chester home and in Lancashire, Scotland and Ireland.

He is currently bidding for 10 acres around Berkeley Square, Mayfair, which is expected to sell for #300m.

The Rich List says the growth in his main company, Grosvenor Estate, is due to it becoming 'more active in developing its assets rather than simply being a glorified rent collector'.

His Grace recently donated #500,000 to farmers struggling as a result of the foot and mouth epidemic. His speedy response may stem from his understanding of their emotional turmoil, given his own well-publicised depression four years ago.

He credited not only his wife Tally but also the Territorial Army for helping him. 'The Army was impossibly understanding about it and just said, 'Go and get better',' he said last year.

Now a brigadier, he joined at 18 as a trooper and worked his way up. 'In order to command a regiment, I've been judged against my peers. You don't get there by birthright.'